ISLAMABAD: Saudi Arabia has agreed to finance the construction of Jagran-IV Hydropower Project, by providing a loan of 131.125 million Saudi Riyal.
The Economic Affairs Division (EAD) Secretary Shaukat Ali has sent a letter to the Federal Board of Revenue (FBR) stating that for the construction of Jagran-IV Hydropower Project, of the loan agreement had been prepared between Pakistan and Saudi Development Fund and it would be signed by the relevant authorities of the two countries.
As per the PCD Handling 9903, Chapter 99 of the First Schedule of the Customs Act 1969, the project was excluded from customs duty and FBR was therefore asked to exempt imports for this project from customs duty.
Through the letter, EDA has requested the FBR to send its input on the project, so that the draft of the agreement for the loan could be finalised by the EDA.
During the Prime Minister’s recent visit to Saudi Arabia, a formal memorandum of understanding (MoU) between the two countries was signed after the host country expressed their eagerness to finance five projects of the water sector with an overall investment of $1.27 billion.
Before the relevant Pakistani and Saudi Development Fund authorities sign a formal agreement, the final draft would be presented before the federal cabinet for approval.
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